This building was recently purchased by Brandon Kelly of the RJ Kelly Company in Burlington. At the open house their broker agent Cushman and Wakefield of Massachusetts explained the building improvements completed over the past year – to include new lobby renovations, new HVAC units, new roof, new landscaping, re-done parking lot, and other building system upgrades.
The event was well attended by about 50 active members of the suburban brokerage community. Pricing reviewed included an offering lease rate of $14.50 NNN that includes a $30 to $40 tenant build out allowance for a 5 year new lease. Brendan and his brother Scott indicated that they were looking to lease a minimum of 60,000 sq. ft. to kick off the occupancy of the 122,000 sq. ft. building. They feel that with office lease rates increasing rapidly in the Rt. 128/Burlington market they would be able to attract a “back office” use from one of these larger Burlington tenants at a much lower price point.
Brandon and Scott are experienced landlord owners/operators in this market and I feel their approach is perfect for this building. Buy, improve immediately, and provide a value lease rate offering to prospective tenants. The 805 building location could be classified as a “between-er” location – because it is located between two major exits off of Rt. 3 – Concord Road and Rt. 62 exits – so it is not located directly off a major Rt. 3 intersection. Many Class A office tenants would be put off by the location and relative lack of amenities close by – other than the “99” restaurant across the street. But, for back office space this would be a value play for cost-conscious tenants.